The parent you claim as a dependent must be a relative of yours. This shouldn’t be a problem if you are claiming a parent. (Note that it's permissible for you to claim an in-law or stepparent as a parent who is a dependent.) However, keep in mind that foster parents do not cou...
and school supplies are exempt from taxation. However, Pell Grant funds spent on other expenses that aren’t considered “qualified education expenses,” even if associated with living expenses, count as taxable income. You should consult with your school’s financial aid office or a tax professio...
You'll also avoid failure-to-file penalties, which can add up to25%of the tax due. If you file an extension but miss the extended deadline, you will be subject to this penalty. Keep in mind that filing an extension when you owe taxes only gives you more time...
but you may be able todeduct these other taxeson Schedule A of your income tax return even if you also claim the foreign tax credit. You can deduct foreign real property taxes unrelated to your trade or business. However, other taxes must be expenses you incur...
Though Social Security benefits are generally exempt from garnishment and levies—as long as the direct deposit is used—the Department of the Treasury can collect the debt; it's one exception. Up to 15% of your monthly Social Security benefit may be levied to pay overdue federal taxes.41...
*An employer can contribute a maximum of $3600 for a single employee and $7200 for employees with dependents. The contribution in HSA has a...Become a member and unlock all Study Answers Start today. Try it now Create an account Ask a question Our experts can answer your tough ...
Can I claim food expenses on taxes when working out of state? A lessee does not have to pay to buy the leased asset. On this basis it is said that leasing provides 100% financing. Is this a true advantage to the lessee? Taxable gifts made since ___ are added back into the taxab...
we are seeing volatility in the market. You don't want to get caught off guard when you file your tax return next year. So you really should be thinking about this now. Lisa Greene-Lewis, CPA and TurboTax expert is here with us right now. So let's talk about this. O...
Particularly during the holiday season, charitable contributions can often involve food. If you purchase food to donate to a local food bank, for instance, you can save your receipts and claim the donation on your taxes. However, the donation must go to an IRS-approved charitable organization....
Answer to: Can you go exempt from federal taxes for one to three months out of the year without being affected on their tax return. True or False...